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V2X Cybersecurity Market
The major purpose of V2X technology is to improve road safety, energy savings, and traffic efficiency on roads.
OREGAON, PORTLAND, UNITED STATES , September 28, 2023 /EINPresswire/ -- Allied Market Research recently published a report, titled, "V2X Cybersecurity Market by Unit Type (On-Board Unit, Roadside Unit), by Vehicle Type (Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle), by Propulsion Type (ICE, Electric and Hybrid, Others), by Communication (Vehicle-To-Vehicle, Vehicle-To-Infrastructure, Vehicle-To-Grid, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global V2X Cybersecurity industry accounted for $0.72 billion in 2021, and is expected to reach $5.7 billion by 2031, growing at a CAGR of 21.6% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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KEY FINDINGS OF THE STUDY
🔹 By unit type, the on-board unit segment is expected to register a significant growth during the forecast period.
🔹 By vehicle type, the light commercial vehicle segment is projected to lead the global V2X cybersecurity market
🔹 By propulsion type, the ICE segment is projected to lead the global V2X cybersecurity market
🔹 By communication, the Vehicle-To-Vehicle segment is projected to lead the global V2X cybersecurity market
🔹 Region-wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
Major determinants of the market growth
Rise in cybersecurity mandates, developments in cellular-V2X technology, and surge in automotive cybersecurity threat have boosted the size, growth of the global V2X cybersecurity market . However, high cost of implementation and challenges in making secure applications hinder the market growth. On the contrary, rise in demand for connected vehicles and improving vehicle security using adaptive security would open new opportunities in the future.
The V2X cybersecurity market is segmented on the basis of unit type, vehicle type, propulsion type, communication, and region. On the basis of unit type, it is divided into on-board unit, and roadside unit. By vehicle type, it is segmented into passenger car, light commercial vehicle, and heavy commercial vehicle. By propulsion type, it is divided into ice, electric & hybrid, and others. By communication, it is divided into Vehicle-To-Vehicle (V2V), Vehicle-To-Infrastructure (V2I), Vehicle-To-Grid (V2G), and Others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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The on-board unit segment dominated the market growth
By unit type, the on-board unit segment held the largest share in 2021, accounting for more than three-fifths of the global V2X cybersecurity market. In addition, the segment is expected to manifest the highest CAGR of 21.9% during the forecast period, due to growing demand for advanced drive assist systems (ADAS) and connected vehicles. The report includes a detailed analysis of the roadside unit segment.
The light commercial vehicle segment to manifest the highest CAGR through 2031
By vehicle type, the light commercial vehicle segment is projected to register the highest CAGR of 22.3% during the forecast period. This is owing to increase in the implementation of V2X technology in light commercial vehicles to enable data exchange between vehicles and objects in the surroundings and between vehicles and the transportation infrastructure. However, the passenger car segment held the largest share in 2021, contributing to nearly two-thirds of the global V2X cybersecurity market, due to growing demand for semi-autonomous cars.
The electric and hybrid segment held the lion's share
By propulsion type, the electric and hybrid segment held the largest share in 2021, accounting for more than half of the global V2X cybersecurity market, due to increase in demand for fuel-efficient, high-performance, and low-emission vehicles along with stringent government rules & regulations toward vehicle emission. However, the ICE segment is expected to showcase the highest CAGR of 23.6% during the forecast period, owing to adoption of large number of V2X, ADAS, and other connected features equipped with ICE vehicles.
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V2X Cybersecurity Companies:
AUTOCRYPT Co., Ltd.
Green Hills Software LLC.
ID Quantique SA
Infineon Technologies AG
Qualcomm Technologies, Inc.
Vector Informatik GmbH
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